The Hyperliquid whale that pocketed $192 million from shorting the recent market crash has doubled down on its new short, accumulating nearly half a billion dollars over the past two days.
Data from Hyperliquid’s block explorer, Hypurrscan, shows the whale now holds a short position of approximately $496 million, using 10x leverage, with a Bitcoin liquidation price set at $124,270.
The whale has more than doubled their bet since yesterday, having initially opened the position with $163 million, marking another aggressive wager against the market over the past week.
This crypto investor first drew attention two months ago with a massive $11 billion in BTC holdings. Last week alone, they opened $900 million in short positions on both BTC and Ether.
The whale made headlines again after opening a curiously timed short just under an hour before U.S. President Donald Trump’s tariff announcement on Friday, which triggered a subsequent crypto market drop. The community has since nicknamed the wallet owner the “insider whale” due to the suspicious timing.
Who is this elusive whale?
The identity behind the wallet remains unconfirmed, though blockchain investigators over the weekend suggested a potential link to Garrett Jin, former CEO of the now-defunct crypto exchange BitForex. Crypto researcher Eye initially alleged the connection, prompting Binance CEO Changpeng Zhao to repost the thread on X and call for verification. Later sleuths, including ZachXBT, proposed it was more likely one of Jin’s associates rather than Jin himself.
Jin addressed the speculation on Sunday in a response to CZ on X, writing:
“@cz_binance, thanks for sharing my personal and private information. To clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn’t insider trading.”
Less than 20 minutes later, he added:
“The fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them.”
